The Description of Elite as the Products Name - Term Paper Example

PRINCIPLES AND PRACTICES OF MARKETING FOR ELITE MOBILE PHONE By Location Executive summary The essay has described how a telecommunications product is likely to be developed and sell abundantly in the market. Following the description of Elite as the product’s name, the discussion identifies several approaches including the marketing and continued innovation approaches as strategic aspects of ensuring infant products’ success in the market. Marketing mix and strategic marketing variables are described in the essay, and it is knowledgeable that these variables are incremental to product development and success in the market. Therefore, the discussion identifies the Elite handset as a profitable infant product after implementing statistical reviews on the product’s short run and long run effects in the upper market segments amongst others. Introduction Marketing is a process that entails the communication of all values within a product. Mainly, marketers assess the ideal clientele groups whose needs may be addressed by the product. The process aims at matching societal needs with economic requirements. In the telecommunication industry, the introduction of the Elite handsets shall serve for the benefit of the global society through enhanced communication. Further, the use of marketing strategy shall enhance segment and value growth abundantly (Blythe, 2005, p. 63). The following discussion shall seek to identify the core of the marketing processes, and programs in this business organization to acquaint the organization with the required knowledge concerning its target markets such that all resources attract optimal results at a competitive advantage. Marketing plan for Elite handsets 1. Analysis of the market The development and production of the most advanced gadget in the current society that combines various sophisticated technological advantages is expected to sell profitably at the high end customer segments. a) Description of the firm Elite Incorporated is a technology-based company that has centered its objectives in the development of software and computers. The company has also been offering other services to clients in the global market place. The company’s ;background denotes its advantageous acquisition of profitable market segments holding on the fact that its departments for example, research and development, production, marketing, and financial departments undertake all their job obligations to acquire the company’s set goals. b) The described strengths and weaknesses The surveys documented by the company’s R&D team reveal that most of the population in developing economies comprise of the baby-boomer generation who are currently living within the range of 50 years (Blythe, 2005, p. 69). The company has strongly presented its mobile phone gadgets to this segment citing on the financial capabilities borne of the marketing campaigns. However, the company’s Elite handset exists amidst some weaknesses for instance, the target market segment might fail to respond profitably due to the complicated nature that each advancement technology presents to the clientele groups. c) Competition’s strengths and weaknesses It is knowledgeable that the telecommunication industry poses stiff competition since every company is ever developing new technologies that seem to be the ultimate elements to topple the existing ones from other competitors. Therefore, the competitors’ strengths revolve around technological advancement (Blythe, 2005, p. 71). However, these competitors seem to possess various weaknesses as it is evident that most of them engage in the advancement of technology while Elite Incorporation seeks to introduce new technologies in its manufacturing processes. d) Sales trends and forecasts The company’s research and development teams engage on marketing campaigns to realize the financial capabilities available in the global societies. Despite the divergent practices of different cultures, the ideology of adapting a standardized pricing approach shall be beneficial since it will draw customers to the segment. The team asserts that the product is likely to win its growth objectives in a period of two months after its introduction. Presumably, over two million handsets shall be sold during this time across all segments. 2. Elite handset’s business propositions The company seeks to accrue abundant success in the telecommunications industry through the following approaches; a) Measurable and attainable objectives The research and development team in the firm asserts that the Elite handset product imposes a tight raise to other mobile phone producers since it is a combination of existing technologies and the most current software. This is a marketing mix approach that combines four strategies which draw evaluations to ascertain the appropriateness of the market (Blythe, 2005, p. 63). This draws confidence to the groups of marketers in the company since they are able to set their goals towards the pricing, distribution, and promotion utilities of the company’s Elite handsets. b) Target market It is a fact that not all markets bear the same advantages, and this evidence enables the company to be certain of the most profitable segments prior to the implementation of the company’s marketing mix (Blythe, 2005, p. 82). Arguably, Elite Inc. shall target the high-end clientele who comprise of the Baby boomers and others from the upper and upper middle classes of the society. c) Strategy management The strategic approaches that seem appropriate in drawing the company’s clientele to show loyalty and engage in purchases that will eventually accrue benefits to the firm are based on the effective evaluation of the demographic aspects of the business environment (Blythe, 2005, p. 82). Elite Incorporation’s analyses indicate that the chosen market segments bear continued financial capabilities. These segments are the most valuable hence the research and development teams have sought for the actual needs of the groups in order to deliver value to them. d) Key planning assumptions for Elite handsets Ideally, the segment holds beneficial exchanges for the Elite gadgets. The product’s specifications include the use of sophisticated technologies for example, voice recognition and biometric registration solutions. These services seek to enhance the workability of the devices such that clients will find the devices easily usable (Blythe, 2005, p. 93). Further, the planned incorporation of the biometric registration for the mobile phone users serves as a guarantee of security to the users. Therefore, the short term plans on profitability through drastic sales are profound thus; the company shall also accrue its long-term plans abundantly. 3. Action plan a) Product proposition The Elite handset shall be presented in a stylish form. Specifically, the handset shall a front and rear cameras at the left upper edge each with a resolution of 8 megapixels. The handsets internal memory shall highly effective. The development and technical teams have identified the memory capacity at 3 giga bytes (GB). Further, the handset’s battery life shall be dependable with an estimated 9 hour battery life. Other important features that the clients shall find in the handset include music and video and audio recording capabilities. b) Price Due to the use of sophisticated technology in the mobile phones, the company’s pricing teams evaluate the total costs of production and the stipulated period at which the firm seeks to accrue returns on investment to be certain of the ideal price to set (Blythe, 2005, p. 94). Since the handset is standardized, the concerned teams argue out that the handset shall sell at $400 per unit across all its market segment in the global platform. c) Place In order to acquire a successful and competitive market segment for the handset, Elite Inc. is confident of the beneficial outcomes that it will accrue in the upper market segment. Ideally, most of the developed nations seem to present added value with the majority population comprising of the ageing population. Research indicates that this group is financially competent. Therefore, the company is considerate on these abilities, which further include convergence in a global purchasing culture. The company is astute on the profits and returns it will accrue with much confidence emanating from the perceived sales of 2,000,000 gadgets in the first phase of product’s introduction in the market. 4. Evaluation a) Achievements It is evident that every business engages in the process of product development with the notion of accruing profitable returns and profitability. Since the company has been operating in technology-based equipment for a stipulated period, the newly developed handset is likely to draw the intended clientele population and engage other manufacturers in stiff competition in the short run (Blythe, 2005, p. 106). During this time, Elite Inc. is likely to sell the handset profusely across the market segment. However, the future rests uncertain since the technology and mobile phone manufacturing industry is always changing to accommodate new preferences and needs. b) Recommendations In order to reduce the threat of competition, the company’s top management must fund innovative approaches such that the handset shall be incorporated with enhancements from time to time. Such an approach shall enable the clients to show loyalty to the product as they will be certain that the product shall always advance to suit their changing needs. This strategic solution shall enable the company to be certain of its long range plans and acquisition of the set goals and objectives. c) Contingency plan In the early stages after the product’s introduction to the market, the research and development team shall seek marketing information to be knowledgeable of the customers’ perception. Secondly, the teams will evaluate the results of test marketing and assert on the relevant actions that the company should seize to acquire success. Secondly, there is an alternative product being developed by the company’s researchers to ensure that the investment does not cause losses to the company in case the handset fails. Conclusion and reflection Innovation and product development are the key concepts towards success in every business organization. Through the target market approach, which is a major aspect of a marketing strategy, Elite handset shall sell abundantly to the ideal customers holding on the fact that it is a combination of the latest technologies. Arguably, it denotes the exact group of customers that the company’s marketers shall pursue in ensuring a successful sale of predefined product, the Elite handset. The perspectives and reflections evident from Elite handset development and the outline towards success are sellable solutions in entrepreneurship. Bibliography Blythe, J 2005, Principles and practice of marketing, London, Thomson Learning. Read More